Patterson Companies Inc (NASDAQ:PDCO) reports Q3 FY22 sales of $1.59 billion, +2.9% Y/Y, missing the consensus of $1.63 billion.
- Dental segment sales reached $650.6 million. Internal sales increased 0.1% Y/Y, including a 1.8% decline in consumables due to the expected moderation of infection control products compared to the pandemic-related performance last year and the impact from the omicron variant.
- Animal Health segment sales reached $944.8 million. Internal sales growth of 8.2% was driven by continued strong performance in companion animals and additional recovery in production animals.
- The gross margin improved from 20.9% to 21.1%.
- Patterson reported an adjusted EPS of $0.55, surpassing the consensus of $0.50, and lower than $0.58 posted a year ago.
- Guidance: Patterson Companies updated its FY22 adjusted EPS guidance to $2.08 - $2.13, compared to prior guidance of $2.00 - $2.10 and the consensus of $2.07.
- Price Action: PDCO shares traded higher by 4.21% at $30.66 on the last check Wednesday.
